At their meeting on February 24, the MUSD Governing Board approved aresolution to refinance some of the remaining school districtconstruction bonds. When bonds are refinanced at a lower interest rateit is called "refunding." Refunding school bonds is very similar torefinancing a mortgage on a home to take advantage of lower interestrates. In 2006, MUSD passed a $56 million bond to assist in theconstruction of school facilities. The district will continue to payoff the bonds for 13 more years, but the potential refunding ofdistrict bonds could result in significant savings of approximately$2.45 million, or 8.9 percent of the refunded principal amount, fordistrict taxpayers. Once the refunding is completed, local taxpayerswill see a reduction in their secondary tax rates. The reduction couldbe up to 9 cents per $100 of assessed valuation in Fiscal Year 2017.The reduction should average about 7 cents over the next 13 years. Theprecise savings to local taxpayers will be determined the day of thebond sale, which is expected to be the week of March 28 or April 4.“Any time we can save money for the district and our stakeholders cansave money on their tax bills seems like a win-win situation,” MUSDGoverning Board President Patti Coutre said.